All Forum Posts by: Vince Wiley

I forgot to note that the Principal and interest calculation also included PMI.

In addition to the SFR I posted about yesterday, I am also considering a duplex. Each side had 3 bedrooms 2 baths a 2 car garage and a basement. These would easily rent at $750 per month which is slightly below market rent. The seller has it listed at 139,900 but I would like to get it at 135,000 with 7,500 down. This would bring my numbers as follows:

Monthly Rent - 1500

Principal and interest - 693

Taxes - 1850 yr (154 month) estimating conservatively 

Insurance - 1200 yr (100 month) also an estimate

Capex - 150 month

Maintenance - 150 month

Vacancy - 120 month (8%)

No property management due the self managing

Tenants are responsible for all utilities (separate meters for electricity, gas and water.  Sewer and trash is also included in the utilities billed by the city)

This projection pending verified taxes and insurance numbers brings me to $133 cash flow per month.

One side has all new flooring and carpet as well as paint.  The major thing that concerns me is the age of the central electric system, hearing system and water heaters which are all 15 years old.  The roof however, was completely replaced in 2013 with one layer.

This would be an FHA loan with me residing in one side for at least a year and then moving out and renting both sides. Therefore these numbers are based on both sides being rented out.

What thoughts do you have on this deal?  What would you offer based on the information I have provided.  Thank you so much in advance for any and all responses. The BiggerPockets community is amazing when it comes to helping out a newbie like myself!

My main concern as already mentioned would be cash flow pertaining to the 50% rule.  I would be self managing this property.

I have found a nice remodeled 2 bedroom 1.5 bath house for sale by owner for an asking price of $69,500. The home has been very well taken care of as I could see by viewing the property. The home has all new carpet, tile, paint, ceiling fans and newer appliances in very good condition. The basement is patently finished with ample room available for storage and there is a nice large yard. If I could get this home for 67,000 with 10,000 down on an FHA loan my payments would be around $400 PITIPMI. I have rented in the town that this home is located in for 3 years and know this home could easily rent for $650. The only downfall is there is no garage. Any thoughts or advice on this deal would be appreciated.

I am seriously considering purchasing a multifamily property and living in it while renting out the other units for at least one year. My question is can you get USDA financing for a Multi Family or does it have to be FHA or conventional. I would like to do USDA due to the no money down option since I don't have much money saved up yet and could use what I do have for some rehab. I would also love to hear any stories about anybody doing the same thing and how it worked out. Thank you in advance for any replies!

This is likely a silly question but will go ahead and ask anyways.   When you purchased your first multi family with no landlord experience how did you market your property to rent it out?  Craigslist, newspaper or simply for rent signs in the yard?   How hard did you find it to rent your property when starting out and what method did you find most successful?